Frank Lloyd Wright trust pays off mortgage

No one is burning mortgage papers to celebrate, but the Frank Lloyd Wright Preservation Trust has achieved a goal many homeowners dream of — they have paid the balance on the famed architect's home and studio in Oak Park, and they now have full ownership of it.

The long road to ownership began in 1975 when the trust raised $130,000, about half of the purchase price of the structure. The Washington-based National Trust for Historic Preservation agreed to pay the balance. In exchange, it held the title and leased the property back to the local organization for a low-cost rent. The trust was given the option to buy the property, which it has done, officials announced Monday.

"This is the fulfillment of a 40-year goal. It's a milestone," said Jim Schiefelbein, chairman of the trust's board of trustees.

A price of about $260,000 may seem a bargain. But through the years the trust also raised the money to restore and preserve the structure, which was built in 1889.

"We've spent millions of dollars restoring and preserving the property, and that's not covering all the volunteer hours that have gone into it," Schiefelbein said.

A market value cannot be placed on the property, according to Schiefelbein, because the property, which attracted 80,000 visitors in 2011, is a priceless cultural asset.

"This is where Wright created the Prairie School (of architecture)," he said. "He used the house as his architectural lab. It was his sketchbook."

Schiefelbein said the transfer of ownership will not change anything in the way the home and studio is operated or in its programs.

He said that the trust plans to launch another campaign to raise money to continue to preserve the structure. He said the money would go to such projects as repairing a brick wall and front porch.